Spokane City Council Votes to Enhance Protections on Virtual Currency Kiosks

On December 3, 2024, the Spokane City Council unanimously passed a resolution aimed at amending state laws governing virtual currency kiosks, demonstrating a proactive approach to consumer protection. During the legislative session, council members acknowledged the growing threat of fraud associated with these kiosks, with Council Member Paul Dillon citing alarming statistics from the Federal Trade Commission that ranked Washington State as having the highest rate of reported imposter scams in 2023. The proposed changes include limiting daily transactions to $1,000 to protect consumers from excessive financial exposure, establishing clear fee guidelines, and requiring kiosk operators to disclose ownership and contact information. This initiative underscores the council's commitment to enhancing financial transparency and consumer safety, aiming to create a safer environment for residents engaging with virtual currency kiosks in the region.